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As a trusted U.S. law firm...

JC&Company offers a full scope FBAR and FATCA services.

Over the years, JC&Company’s international tax experts have successfully helped both U.S. and non-U.S. residents to avoid penalties and become tax compliant.

Our team of specialists focuses solely on international tax issues and is rapidly growing to be recognized as an industry leader.

Our main purpose is to bring value to our clients and we do so by providing quality service and ensuring a high standard of professional ethics.

Through detailed work and high-quality studies we will take the concern and pressure away from anyone dealing with FBAR and FATCA issues.

Our team of FBAR and FATCA experts put their personal and professional reputations on the excellence of their work.

Our high standards, services and specialized teams separate our outstanding performance from those of other firms.

Are you a U.S. taxpayer?

And do you own a foreign bank account?

Yes, why do you ask?

Are you a U.S. taxpayer?

And do you own a foreign bank account?

Yes, why do you ask?

You MUST disclose your foreign bank account by filing FBAR and FATCA to the IRS.

Not familiar with

FBARorFATCA

Did you report

your foreign account to the IRS?

No, why does it matter?

Did you report

your foreign account to the IRS?

No, why does it matter?

If you haven’t already done so, you may be in bigger trouble than you can imagine. Failure to comply with the FBAR and FATCA requirements may result in significant civil and criminal penalties.

Legal ways to avoid penalties.

OVDPStreamlinedQuiet Disclosure

FBAR

Report of Foreign Bank and Financial Accounts

FBAR, or Report of Foreign Bank and Financial Accounts, is the name of a form that is used to disclose foreign financial accounts to the IRS.

It must be filed electronically through FinCEN's BSA E-Filing System by June 30th of every year.

Proper preparation is key to the FBAR filing because penalties associated with failure to comply with the reporting requirements can be significant.

Who Must File an FBAR?

You must file an FBAR if you meet BOTH of the following criteria:

  • You are a U.S. taxpayer who has an ownership or signature authority over one or more foreign financial accounts
  • The total value of all offshore financial accounts exceed $10,000 at any time during the calendar year.

Why should I disclose?

Failure to file an FBAR may result in one of the following three penalties:

  • Negligent violation: maximum of $500 per violation.
  • Non-willful violation: maximum of $10,000 perviolation.
  • Willful violation: the greater of $100,000 or 50% of the total balance of the foreign account per violation

* The taxpayer may also be subject to criminal prosecution.

FATCA

The Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act ("FATCA") is a U.S. federal law that targets U.S. taxpayers with foreign financial assets who haven't been complying with the reporting requirements.

If you have not been reporting information about your foreign assets, now is the time to comply with your tax duty and avoid civil and even criminal prosecution.

Who is subject to FATCA?

  • If you are a U.S. taxpayer who owns foreign financial accounts and the total value exceeds $50,000 at the end of the tax year, then you are required to report information about those assets on Form 8938.
  • There are different thresholds depending on your filing status.
  • Please get in touch with our FATCA specialists!

Penalties?

Failure to file Form 8938 may result in the following penalties:

  • Up to $10,000 for failure to disclose and
  • An additional $10,000 for each 30 days of non-filing after the IRS notice of a Failure to Disclose,
  • Potential maximum penalty of $60,000;
  • Criminal penalties may also apply

* The taxpayer may also be subject to criminal prosecution.

Before I talked to JC&Company, I didn’t even know what FBAR was. However, after working with JC for past few months, now I am all done with the filing process, and I no longer have to worry about penalties.
MR. Rosenberg, California, USA
Since I live outside of the U.S., I first thought I have to visit the country to meet with my attorney. However, I had numerous virtual meetings with JC, day and night, and they were extremely helpful and respectful even with the time difference gap. They truly care about their clients, and they know what they are doing!
MR. and MRS. Choi, South Korea
I am an anxious and sensitive person, especially when there's a big penalty waiting for me. This wasn't an issue with JC. During the whole process, they were extremely friendly and after personally getting to know them, I was able to really rely on their works. They are true professionals.
MR. Sohn, Hong Kong

OVDP

The Offshore Voluntary Disclosure Program

The Offshore Voluntary Disclosure Program ("OVDP') is a federal income tax amnesty program designed to allow U.S. taxpayers to voluntarily disclose their foreign financial accounts so that they can avoid criminal prosecution for not previously disclosing their overseas accounts.

Who can apply for OVDP?

Any U.S. taxpayers with undisclosed foreign financial accounts are eligible to participate in the OVDP unless they are already being audited or their foreign accounts were funded from illegal sources.

Why should I participate in OVDP?

If you have failed to timely report foreign financial accounts, you should consider disclosing your overseas assets, become tax compliant, and avoid possible civil or criminal investigation.

When is the deadline?

There is no set deadline for applying to the OVDP. However, the IRS could end the program or change its terms at any time.

Follow us on Twitter and stay on top of the IRS changes!

Benefits of Disclosure:

The OVDP allows taxpayers to avoid civil penalties and limit the risk of audits and investigations, full FBAR penalties, and potential prosecution.

Risks of Non-Disclosure:

If the IRS finds out about a taxpayer's foreign account before he/she reports it, then the taxpayer's accounts may be seized and criminally charged by the IRS.

Streamlined

The Streamlined Filing Compliance Procedures

The Streamlined Filing Compliance Procedures ("Streamlined"), another tax amnesty program offered by the IRS, is an alternative to OVDP. Streamlined presents a very attractive opportunity for taxpayers to be compliant with their tax duties and avoid possible IRS enforcement action.

Who can apply for Streamlined?

Whether you are a U.S. resident or a non-U.S. resident, you are eligible to use the streamlined procedure as long as your failure to report foreign financial accounts was resulted from non-willful conduct.

Streamlined

Why should I participate in Streamlined?

Failure to file and pay penalties may be imposed in accordance with the U.S. federal tax law. However, through Streamlined, you can avoid such penalties by paying fixed penalties:

  • U.S. residents are subject to a 5% miscellaneous offshore penalty on the previously undisclosed foreign accounts.
  • All penalties for non-U.S. resident are FULLY waived.

Quiet Disclosure

Instead of entering the OVDP or Streamlined, you may file or amend previously unreported offshore financial assets past the due dates through "quiet disclosures".

As long as you present that there was a reasonable cause for not disclosing your foreign assets on time, then the penalties regarding failure to disclose may be FULLY waived.

However, once an IRS examination regarding the validity of "reasonable cause" has been started, then you are no longer eligible for the OVDP, which offers more beneficial penalty structure.

CONTACT US

JC&Company has formed a network of FBAR and FATCA specialists to serve the needs of our clients. Our team of dedicated Attorneys and CPAs are up to date on all IRS changes and have completed many successful cases of OVDP, Streamlined, and Quiet Disclosure for our U.S. resident and non-resident clients.

Over the years, JC&Company has been a leader in the area of foreign account reporting. Our professionals understand that the disclosing process could be difficult for those who have no prior experience with FBAR and FATCA. We will be happy to speak with you today about our services and how we can work together.

“The government is becoming more strict about hiding foreign financial accounts. But if you act proactively, there's no reason to worry about the voluntary disclosure process and possible penalties. Our successful past cases prove that we have the depth of resources to serve our clients.”

John Chung, Esq.

Analyze the clients' cases in terms of OVDP / Streamlined / Quite Disclosure eligibility

How Can JC&Company Help You?

If you have any more question or wish to learn more about our service, please choose one of the following ways to contact us. Our door is always open!

  • Irvine Headquarters

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    10 Corporate Park, Ste. 210, Irvine CA 92606

    949-553-1110

  • Los Angeles

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    4801 Wilshire Blvd. Ste. 306, Los Angeles, CA 90010

    213-700-2609

  • Seoul Korea

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    OTC B/D 108-14, 5th Fl. Samsung-dong, Gangnam

    949-553-1110

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